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cliff solutions anti-tax advocate grover norquist we all know him he says nothing's changed from two years ago when president obama agreed to extend bush tax cuts for all. income is not strong there show the argument to raise taxes now it is not only better than it was two years ago. but does the government need to tax and borrow in order to spend or is the government actually less constrained in its spending than believed and do budget deficits matter much less right now than we may think well stephanie helton chair of the economics department at university of missouri kansas city and a subscriber of modern monetary theory is here to talk about just that plus the senate is reportedly looking at extending a two thousand and eight at the financial crisis measure that guarantees one hundred percent of all checking account bank deposits now to see b.o.'s to mates the f.d.a. does not collect enough fees to offset the risk exists as another subsidy for too big to fail banks we have a reality check plus a talian technocrat leader mario monti versus bunga bunga three times former prime mini
cliff solutions anti-tax advocate grover norquist we all know him he says nothing's changed from two years ago when president obama agreed to extend bush tax cuts for all. income is not strong there show the argument to raise taxes now it is not only better than it was two years ago. but does the government need to tax and borrow in order to spend or is the government actually less constrained in its spending than believed and do budget deficits matter much less right now than we may think well...
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Dec 5, 2012
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the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he will get his caucus together. they're becoming increasingly isolated in their position. hopefully we can have a deal which protects the middle class. there is a piece of legislation sitting in the house today that would prevent taxes from going up on 98% of the american people. 97% of small businesses. they should go ahead and move that. and then we can have a broader discussion of how we achieve larger deficit reduction and avoid the fiscal cliff. but there's plenty of room and plenty of time for compromise. the president's position is clear. we're not going to do anything that h
the fiscal cliff, you go over the cliff, the taxes go up for every single person. is the plan then if you do a deal for taxes on the middle class, then de facto the taxes go up on the wealthy and sort of have a win/win for the democrats? is that the scenario we're looking at now? >> well, the scenario is that we still have time to put a deal together. the president has a detailed proposal on the table. republicans need to decide where they want to move. john boehner needs to decide how he...
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if we're going off the fiscal cliff, we know capital gains tax rates are going higher, right? right? that's obvious. do you think the republicans have the power to keep those capital gains rates down? apple's become a referendum on the president's power. right now he has the upper hand, then he can really roll them and intends to do so. it's reasonable to take some profits so you can pay the tax man more now rather than later. it's a wimpy thing, it's logical, makes perfect economic sense. so the stock gets hammered. it makes sense to sell it. but let's be less emotional and even clinical about this one. first, divide apple's share price by ten, now you have a stock that got crushed down to $54. when you do that, it isn't all that scary, is it? where does the pessimism fit in? when we have to endure the pin the tail on the selloff game, what excuses for the selloff myriad alibis i hear from today's action. apple's losing share to google, it doesn't have the right phones in europe, nokia's making a comeback, the mini isn't selling, there's no special dividend, we've got a stock
if we're going off the fiscal cliff, we know capital gains tax rates are going higher, right? right? that's obvious. do you think the republicans have the power to keep those capital gains rates down? apple's become a referendum on the president's power. right now he has the upper hand, then he can really roll them and intends to do so. it's reasonable to take some profits so you can pay the tax man more now rather than later. it's a wimpy thing, it's logical, makes perfect economic sense. so...
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Dec 6, 2012
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president obama meantmie, says congress can't tie fiscal cliff talks to upcoming debt ceiling votes. also, the military budget is on the table with a possible $500 million being set aside as a warning. stay with us, more news coming up. you won't take my life. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12 years. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪ aids is going to lose. aids is going to lose. when i take a picture of this check, it goes straight to the bank. oh. oh look the lion is out! no mommy no! don't worry honey, it only works on checks. deposit checks from your smartphone with chase quickdeposit. just snap a picture, hit send and done. take a step forward and chase what matters. >> coming up at six- thirty... an update on that massive sinkhole in lafayette... crews on scene hoping to keep it from
president obama meantmie, says congress can't tie fiscal cliff talks to upcoming debt ceiling votes. also, the military budget is on the table with a possible $500 million being set aside as a warning. stay with us, more news coming up. you won't take my life. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported...
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. >> press the obama continues to push for its plans to avert a fiscal cliff. pell told a conference call today with a bipartisan group of mayors and community leaders to talk about preventing an income tax increase on middle class families while fighting a way to reduce the deficit. so far obama and public republicans and not able to work out a budget compromise. >> on this 121212 we're looking at conditions around the bay. there is still a chance of showers and we will have more on your forecast. watching wall street we will have the winners. we will be right back. [ female announcer ] now get high speed internet at home on our newly expanded advanced digital network, a connection you can count on. introducing at&t u-verse high speed internet with more speed options, reliability and wi-fi hot spots than ever. call at&t now to get u-verse high speed internet for as little as $14.95 a month for 12 months with a one-year price guarantee. it's the fastest internet for the price. our newly expanded advanced digital network gives you more of what you enjoy online.
. >> press the obama continues to push for its plans to avert a fiscal cliff. pell told a conference call today with a bipartisan group of mayors and community leaders to talk about preventing an income tax increase on middle class families while fighting a way to reduce the deficit. so far obama and public republicans and not able to work out a budget compromise. >> on this 121212 we're looking at conditions around the bay. there is still a chance of showers and we will have more...
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Dec 9, 2012
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cliff because we have argued all along they will start by simply taxing everybody over 250,000. they told me they wouldn vote fr anything that would tax everybody over 150,000. you take the president's actions. the president doesn't want to get an agreement or compromise he wants to get his way. he won't come to the table with any serious proposal because we can get a solution everybody can live with. >>> they have a bit of a messaging problem. i don't understand why there's not more of a conversation that starts with the fact these taxes go up. democrats would not extend what has been a republican proposal to keep them low. they are in place now and that's a republican package. if that doesn't happen the democrats taxes are higher. i am not hearing the clarity of that. why not? >> the orchestrated media wants to give you two myths. the president hasn't come from the table with anything. all he does is press conferences. the second thing they wanted to give you the illusion if the tax rates go up on everybody above # 200,000 that solves all of the problems. what i suggest to the
cliff because we have argued all along they will start by simply taxing everybody over 250,000. they told me they wouldn vote fr anything that would tax everybody over 150,000. you take the president's actions. the president doesn't want to get an agreement or compromise he wants to get his way. he won't come to the table with any serious proposal because we can get a solution everybody can live with. >>> they have a bit of a messaging problem. i don't understand why there's not more...
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. >> we'd like to announce that we have reach and agreement to avoid the fiscal cliff. in order to get the support of the speaker, i agree there would be no tax increases. i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his party wanted to share his company. he didn't even have any milk to drink because, well, tell them why, john. >> they had taken my milk and thrown it in the garbage. >> these are supposed to be his friends. his colleagues. but even at the hint that the taxes might be raised on his leadership watch, they turn on him. tell them what you found in your office desk. >> oh, i don't -- >> no, no. go ahead. hey, tell them what your so-called friends put in your office desk. >> it was a rubber snake. >> a rubber snake. and did it scare you? >> it did. >> i was so heartbroken to hear this, i said, lo
. >> we'd like to announce that we have reach and agreement to avoid the fiscal cliff. in order to get the support of the speaker, i agree there would be no tax increases. i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his...
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cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that will be retroactive back to january 1. but why play with poison like that, right now have to expect that you want that deal done now. >> what are the convinces for tfor -- consequences for military personnel? >> just on the defense sector alone, you're looking at $55 billion in cuts just to the defense budget. you have to look at the ancillary part of this. you look at real estate holdings, homes that are have a close proximity to defense. >> final question for you, todd, a major confu
cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do...
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to be moot. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 die. so the fda and usda are charged with protecting the simply. an 8.2 budget cut translates to $157 million. there's no word exactly what cuts would mean to staffing. >> both fda and usda are stretched pretty thin when it comes to the activities they do. they need increased resources and not fewer. >> agencies always say they're stretched. >> dean clancy is with freedom works and says the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially wh
to be moot. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria...
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. >>> meanwhile, when you hear the term fiscal cliff, you probably think about higher taxes, right? could it also have an impact on what we eat? first, a very good morning to washington dc, a foggy start on this sunday, december 9th.si eenx a month! okay, come with me -- we're gonna save you money. with straight talk at walmart, you get unlimited talk, text and data for only $45 a month per phone. would we get the same coverage? same coverage on america's best networks. you saved $146.76 by switching to straight talk. awesome! now you can afford to share your allowance with me. get the season's hottest smartphones like the samsung galaxy s2 and get straight talk with unlimited data for just $45 a month -- from america's gift headquarters. walmart. ♪ time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super
. >>> meanwhile, when you hear the term fiscal cliff, you probably think about higher taxes, right? could it also have an impact on what we eat? first, a very good morning to washington dc, a foggy start on this sunday, december 9th.si eenx a month! okay, come with me -- we're gonna save you money. with straight talk at walmart, you get unlimited talk, text and data for only $45 a month per phone. would we get the same coverage? same coverage on america's best networks. you saved...
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we say let's do it all. >> even at the expense of going off the fiscal cliff because if we do that taxes will go up on middle class americans to the tune of 2,000 plus dollars. >> and my whole point is we can put the brakes on the fiscal cliff. they say let's cut taxes for the first $250,000. democrats say that. let's agree and pass what we can agree on and where we can't agree, we can have debates later on. i think the figure ought to be higher than $250,000. i think it should reflect the cost of living in high cost areas like long island. i'm not going to tell my constituents that make less than $250,000, that it should be more. we can all agree on $250,000 and debate what we cannot agree on. >> something about the negotiations themselves seems unusual to me. it seems that house republicans are dealing directly with president obama and sort of skipping over their democratic counterparts like what are you guys doing? >> look, everybody needs to get into a room. there's no question about it. and i don't care whether you are negotiating a baseball contract or negotiating a solution to thi
we say let's do it all. >> even at the expense of going off the fiscal cliff because if we do that taxes will go up on middle class americans to the tune of 2,000 plus dollars. >> and my whole point is we can put the brakes on the fiscal cliff. they say let's cut taxes for the first $250,000. democrats say that. let's agree and pass what we can agree on and where we can't agree, we can have debates later on. i think the figure ought to be higher than $250,000. i think it should...
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cliff i don't think east party wants -- on their backs if he we go off this cliff, payroll taxes go up and republicans would actually take the brunt of it. >> congressman tim cole of oklahoma said this about the situation, listen to what he said and then i'll get your take on it. >> some of our people think if we just dig in and hold strong, we can stop it, that's not is case, it happens automatically. you have to two something and going something requires the cooperation of the senate which is democrat run and the signature of the president. so we're not going to get 100% of what we want, but we can get a lot. john boehner is trying to focus this where it belongs and that's on spending restraint and excitement reform because this revenue won't come close to dealing with our fiscal problem. >> does this mean that president obama sort of holds all the cards not just with spending cut, but on the tax cuts as well? >> all of these i'm going to stand my ground, they're not working anymore. these pledges, they're not working right now. a lot of them are going to recognize they can't get
cliff i don't think east party wants -- on their backs if he we go off this cliff, payroll taxes go up and republicans would actually take the brunt of it. >> congressman tim cole of oklahoma said this about the situation, listen to what he said and then i'll get your take on it. >> some of our people think if we just dig in and hold strong, we can stop it, that's not is case, it happens automatically. you have to two something and going something requires the cooperation of the...
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everybody is looking at the fiscal cliff, tax the rich more for the fiscal. okay. we've got that. but we are definitely going to tax the rich just a little bit more come january 1 to pay for obamacare, specifically taxes on capital gains, dividends going up to just a little bit more, just a little bit more on january 1, and also a little bit more on income of those people making more than $200,000 a year. so we have defined rich down to $200,000 a year. it was a lot higher than that, but guaranteed january 1, a little bit more for obamacare. >> steve: when you say a little bit more, you mean like 3 or 4%, which adds up. >> it does. it's 3.8% extra as a capital gains tax. >> steve: that's a done deal. that's baked into the health care reform? >> that's it. there is no discussion about it. that was passed two years ago. this is going to happen. then you've got maybe a little bit more on income and other forms of income if we approach this fiscal cliff and the president gets his way. he is digging in his heels on higher tax rates on upper income earners. that will be a little bit mor
everybody is looking at the fiscal cliff, tax the rich more for the fiscal. okay. we've got that. but we are definitely going to tax the rich just a little bit more come january 1 to pay for obamacare, specifically taxes on capital gains, dividends going up to just a little bit more, just a little bit more on january 1, and also a little bit more on income of those people making more than $200,000 a year. so we have defined rich down to $200,000 a year. it was a lot higher than that, but...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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Dec 9, 2012
12/12
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the fiscal cliff will result in tax increases and federal spenng cuts. >> both parties are kind of, hey, i'm going to do my thing, you're going to do your thing, nobody seems to want to give in. >> many shoppers agree, as tax paying citizens, one of the top things on their wish list for christmas is for the president and congress to compromise and to get a deal done. >> please start working together and remember the people who put you in office. >> nadia ramdass, wbal-tv 11 news. >> jews around the world celebrated the beginning of hanukkah saturday night. in chicago, hundreds gathered to watch the lighting of an overicized menorah. hanukkah commemorates the jewish uprising in the second century b.c. according to tradition, when the jews dedicated the temple in jerusalem, a single vial of oil burned for eight days. and some people celebrated hanukkah with a dance party. creative alliance hosted a party with music, dancing and singing. >> tonight is first night of hanukkah, the celebration that brings light into the darkness and we celebrate freedom and liberation movements and really ha
the fiscal cliff will result in tax increases and federal spenng cuts. >> both parties are kind of, hey, i'm going to do my thing, you're going to do your thing, nobody seems to want to give in. >> many shoppers agree, as tax paying citizens, one of the top things on their wish list for christmas is for the president and congress to compromise and to get a deal done. >> please start working together and remember the people who put you in office. >> nadia ramdass, wbal-tv...
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as soon as we get past this fiscal cliff, president obama's going to meet with boehner again to talk about debt ceiling. >> any chance john boehner could have trouble with conservatives in the the house? he's signalling a weakness to possibly compromising on tax hikes and he tossed a few tea party types off key committees. could that come back to taunt him, anna? >> you know, i don't think so. i think it will help him. listen, membership has privileges. but leadership has that much more privileges. if you want to be the leader, you have to lead. you have to assert authority. he's had a hard time with his caucus and i think he's trying to move things, get things done. he needs people in his leadership, he needs people on his team, that are actually on his team. not against his team. so i would say to the folks that are not happy with the decisions he's made on membership of committees, you don't like the guy? oust him. but if not, he is the leader and it is his responsibility. but it also his prerogative to choose who he puts in what committees. >> finally, check out this photo. last
as soon as we get past this fiscal cliff, president obama's going to meet with boehner again to talk about debt ceiling. >> any chance john boehner could have trouble with conservatives in the the house? he's signalling a weakness to possibly compromising on tax hikes and he tossed a few tea party types off key committees. could that come back to taunt him, anna? >> you know, i don't think so. i think it will help him. listen, membership has privileges. but leadership has that much...
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so who has the most to lose if the fiscal cliff is breached? i think the answer is self evident. i'm not saying it's a good outcome but the polling all shows that the public would blame the republicans for the outcome, so they end up not stopping an outcome which is most negative for them, and they get the blame for it. >> bill: wonder why that is. wonder why that is. why do you think -- look. it's fairly aapparent that barack obama has put no meaningful cuts, spending cuts on the table. anybody who pays attention knows that. the president does not want a cut. he wants the big government. he wants to spend. in fact, he wants 500 million more to throw into some stimulus that hasn't worked the first two times he tried it. why do the american people say it's the g.o.p.'s fault when the president obviously isn't giving anything at all up? >> well, bill you know that and i know that in part because we watch fox news, and fox news reports it that way which is the straight forward way to report it. you can find that out from the other media, but you have to read it carefully because it'
so who has the most to lose if the fiscal cliff is breached? i think the answer is self evident. i'm not saying it's a good outcome but the polling all shows that the public would blame the republicans for the outcome, so they end up not stopping an outcome which is most negative for them, and they get the blame for it. >> bill: wonder why that is. wonder why that is. why do you think -- look. it's fairly aapparent that barack obama has put no meaningful cuts, spending cuts on the table....
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president obama saying now a deal to avoid the so-called fiscal cliff could be about a week away. there is just one catch. he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not that tough. but we need that conceptual break through that says we need to do a balanced plan. >> we made a good faith offer to avert the fiscal crisis and that offer included significant spending cuts reforms and it included additional revenue. and frankly, it was a balanced approach mr. president has been asking for. now we need a response from the white house. >> they have 27 days to prevent automatic tax hikes and spending cuts from kicking in on new year's day. ed henry live at the white house for us. ed, we are hearing the president and house speaker john boehner actually talked by phone no
president obama saying now a deal to avoid the so-called fiscal cliff could be about a week away. there is just one catch. he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not...
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president obama playing fiscal cliff hardball this morning. he's telling republicans he will not agree to a deal that doesn't include a tax hike on the wealthiest americans, hardening his position on this. he'll be meeting with business leaders today. >>> later this morning, speaker john boehner meets with fellow house republicans. sources tell cnn gop leaders are looking for a way out. >> it turns out the barefoot recipient of boots by a new york city police officer was shoeless but guess what, not homeless. city officials say jeffrey hillman does have stable housing, an parm in the bronx. they say he's lived there rent-free for the past three years. but hillman regularly panhandles in times square. >> a former boy scout who says he was sexually abused is suing is the boy scouts of america. the lawsuit claims his former troop leader, thomas hacker was barred from the group in indiana in the 1970s but was able to rejoin as a volunteer in illinois in the 1980s. hacker was arrested in 1988, later convicted in the aggravated sexual assault of an
president obama playing fiscal cliff hardball this morning. he's telling republicans he will not agree to a deal that doesn't include a tax hike on the wealthiest americans, hardening his position on this. he'll be meeting with business leaders today. >>> later this morning, speaker john boehner meets with fellow house republicans. sources tell cnn gop leaders are looking for a way out. >> it turns out the barefoot recipient of boots by a new york city police officer was shoeless...
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Dec 10, 2012
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. >>> we turn now to the fiscal cliff. just 22 days before everyone's taxes go up, every government program is cut. there's a bit of hope that a deal to avoid the consequences could be coming, sparked by the first meeting in weeks between the president and john boehner. jake, what do we know about the meeting? >> reporter: they spoke on the phone on friday and set up a meeting for yesterday. speaker boehner did come here. and though i don't think there's any reason to believe we're really close to a deal, progress has been made, though one side of the talks staaid that that progress is fragile. >> we're getting close to the point, really, by tend of the week, if they're not a lot closer, it might be too hard to do by the end of the year. >> there could be a quick fix solution. republicans agree to keep the tax cuts in place for the 98% of the country. avoid tax cuts for a few month, go take winter break. that would not be a long-term solution but would avert the fiscal cliff. >> hillary clinton's future, talking about her
. >>> we turn now to the fiscal cliff. just 22 days before everyone's taxes go up, every government program is cut. there's a bit of hope that a deal to avoid the consequences could be coming, sparked by the first meeting in weeks between the president and john boehner. jake, what do we know about the meeting? >> reporter: they spoke on the phone on friday and set up a meeting for yesterday. speaker boehner did come here. and though i don't think there's any reason to believe...
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a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he said behind closed doors that there is a lot at stake not just for the national economy but state by state. some of their budgets could take a major hit if, in fact, the nation goes off the so-called fiscal cliff. his spokesman jay carney was even tougher in going after speaker john boehner's latest proposal in saying it simply doesn't add up. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's magic beans and fairy dust. >> the bottom line is the president and speaker boehner ha
a deal to keep us from going off the fiscal cliff. the president says the latest republic offer is out of balance because it extends tax cuts on income of above $250,000. g.o.p. leaders claim they can raise revenue without raising rates by closing loopholes and limiting deductions. but the white house says it's about the rates. ed henry is at the white house tonight. the president claims the republic math does not add up. >> that's right, shep. he met with the nation's governors today. he...
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cut to avert the fiscal cliff. >> we must reform uncomplicated tax code by getting rid of unjustified loopholes. but the goal should be to generate new revenue by creating new taxpayers, not new taxes. >> in the republican response, marco rubio commenting that raising taxes will not solve the $16 trillion debt. a potential presidential candidate in 2016, he says only economic growth and reforming programs can control the debt. >>> former florida governor which are lee crist says he is a democrat now. he made the announcement last night and posted a photo holding a florida voter registration application. the former republican signed papers to change his affiliation to democrat at a christmas reception at the white house. >>> president barack obama is asking congress for more than $60 billion to help with sandy recovery efforts. the president made the request on friday on behalf of the states hardest hit by the october storm. in a joint statement, new york governor cuomo and chris christie said it would help their state rebuild. >>> yesterday marked the 71st anniversary of the pearl har
cut to avert the fiscal cliff. >> we must reform uncomplicated tax code by getting rid of unjustified loopholes. but the goal should be to generate new revenue by creating new taxpayers, not new taxes. >> in the republican response, marco rubio commenting that raising taxes will not solve the $16 trillion debt. a potential presidential candidate in 2016, he says only economic growth and reforming programs can control the debt. >>> former florida governor which are lee crist...
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back to the fiscal cliff. we're less than three weeks now from the 1-2 punch of tax increases and government spending cuts. president obama, house speaker john boehner held another phone call last night. here is speaker boehner on that. >> there were some offers that were exchanged back and forth yesterday. and the president and i had a pretty frank conversation about just how far apart we are. >> as we mentioned just last hour, take a look at the graph, these two sides have moved closer on taxes over the last couple of weeks. speaker boehner offered up $800 billion in new tax revenues after insisting on none. the president just this week, he's come down a little bit to $1.4 trillion but still no dice. no deal. cnn's sandra endo is standing by at reagan national airport, across the potomac from washington. so, sandra, if we hit this fiscal cliff, all the spending cuts kick in, what effect will that have on air travel? >> reporter: the big unknown is still how it will affect the everyday traveler. and that is c
back to the fiscal cliff. we're less than three weeks now from the 1-2 punch of tax increases and government spending cuts. president obama, house speaker john boehner held another phone call last night. here is speaker boehner on that. >> there were some offers that were exchanged back and forth yesterday. and the president and i had a pretty frank conversation about just how far apart we are. >> as we mentioned just last hour, take a look at the graph, these two sides have moved...
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a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house speaker john boehner talked on the phone yesterday, but they agreed not to characterize their conversation. so it's unclear how much progress they made. from the outside, it does seem they've moved a bit closer with boehner now agreeing to raise tax collection from the wealthy, though not by raising tax rates. >> we've got to cut spending and i believe to put revenues on the table. the revenues we're putting on the table will come from, guess who, the rich! there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates which
a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house...
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joy so the fiscal cliff we are zeroing down about three weeks now to go. january 1st. do people believe a middle class tax cut deal is likely dism -- is likely? >> if nothing happens and the congress and the president don't reach a deal, a little spending will actually grow slower than it was planned to. and middle class taxes will go up. six out of 10 people say if a deal is reached, middle class taxes will go up anyhow and they don't expect to see spending cuts. there is a lot of skepticism, and even if there is a tax hike of any kind in this people don't think it will reduce the deficit. they think it will be spent on new programs. >> the consumer confidence survey out of michigan just came out. but you have your own consumer confidence. talk to us about that. >> we measure consumer confidence every day. right now the confidence levels are about as high as they have been in the last four years. a little higher than we saw earlier in the year this. is a big reason president obama was re-elected. and on our daily tracking, the highest single day of consumer confidence
joy so the fiscal cliff we are zeroing down about three weeks now to go. january 1st. do people believe a middle class tax cut deal is likely dism -- is likely? >> if nothing happens and the congress and the president don't reach a deal, a little spending will actually grow slower than it was planned to. and middle class taxes will go up. six out of 10 people say if a deal is reached, middle class taxes will go up anyhow and they don't expect to see spending cuts. there is a lot of...
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the president on the fiscal cliff yesterday. >> obama: we can solve this problem. all congress needs to do is pass a law that would prevent a tax hike on the first $250,000 of everybody's income. >> stephanie: it's everybody. >> even the rich. >> stephanie: even your favorite top 1 percenters. >> good heaven's that lunch money. >> that's the electricity bill for mitt romney's car elevator. [♪ "world news tonight" theme ♪] >> stephanie: they held more negotiations yesterday, but neither side showed a willingness to give ground. the president said we make tough spending cuts on things we don't need, and we ask the wealthiest americans to pay their part. it's almost like a movie you don't need to pay attention to yet. >> yeah or i'll read the synopsis online. >> stephanie: i'll get the cliff notes. >> yeah. [ laughter ] >> stephanie: the white house spokesman said i can only believe the president will find something acceptable. what stage are they at after the election bargaining depression where are they? we need to let them get through that first. it always come
the president on the fiscal cliff yesterday. >> obama: we can solve this problem. all congress needs to do is pass a law that would prevent a tax hike on the first $250,000 of everybody's income. >> stephanie: it's everybody. >> even the rich. >> stephanie: even your favorite top 1 percenters. >> good heaven's that lunch money. >> that's the electricity bill for mitt romney's car elevator. [♪ "world news tonight" theme ♪] >> stephanie:...
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agreement to avoid the fiscal cliff. but there is a consensus that we do this. so why are the republicans holding this hostage? once again, let us vote no on the previous question. let's bring this middle class tax cut up now. it is the solution. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. session: i reserve my time. the speaker pro tempore: the gentlelady from new york. ms. slaughter: i have no further requests for time, mr. speaker. i wonder if my colleague is prepared to close. mr. sessions: i thank the gentlewoman for asking. i have no further speakers and would allow her that opportunity and then i will close. ms. slaughter: thank you very much. mr. speaker, we should be doing one thing today and that's passing the continuation of tax cuts for the middle class. the american people couldn't be more united in this support for tax cut and there is no reason for delay. the senate has already passed the bill and we can take up now, it's here at the desk. members across the ais
agreement to avoid the fiscal cliff. but there is a consensus that we do this. so why are the republicans holding this hostage? once again, let us vote no on the previous question. let's bring this middle class tax cut up now. it is the solution. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. session: i reserve my time. the speaker pro tempore: the gentlelady from new york. ms. slaughter: i have no further requests for time, mr. speaker. i wonder if my...